A Bill passed in Parliament today will bring changes to the bright line test

The Bill reduces the residential property resale date to two years - and restores interest deductibility to residential investment properties.

It also removes depreciation deductions for commercial and industrial buildings, reinstated during the Covid response.

Finance Minister Nicola Willis says removing those deductions will save the country more than 2.3-billion-dollars over the next four years.

The legislative changes will become law before April.